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Zable credit card review 2023
The Zable credit card (formerly known as the Level credit card) is the first credit card from personal loan giant Lendable.
Due to future plans for expansion under the centralised brand Zable, the Level Card was rebranded in May 2022.
- No fees on overseas transactions (excludes cash withdrawals).
- If you don’t set up a recurring card payment to clear your full balance each month, you may not enjoy interest-free days on your purchases.
Representative example: Representative 39.9% APR (variable). Based on assumed borrowing of £1200. Rate of interest 39.9% (variable) annual.
£200
Minimum credit limit
39.9%
Representative APR
0%
Foreign transaction charge
£0
Account fee
Details
| Issuer | Transact Payments Limited |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Purchases | 34.9% |
| Cash advances | 34.9% |
| Minimum credit limit | £200 |
| Maximum credit limit | Subject to status: £1,500 |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
Review by
Emily Herring
emily.herring@finder.comEmily Herring is a Publishing Executive at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media.
Expert review
Lendable is known for providing credit to a broad range of credit profiles, and its Zable credit card, (formerly known as the Level credit card), is a credit-builder that offers no fees on overseas transactions (excluding cash withdrawals). So, if you can’t get approved elsewhere, the Zable card may still be a possibility. If you’re not sure what your credit record looks like, you can check yours for free with Finder.
The main appeal of this credit-builder credit card is that it doesn’t charge currency conversion fees if you use it abroad – instead converting currency at the standard Mastercard rates.
However, there are a couple of caveats to this benefit – firstly, cash withdrawals at home or abroad do incur a fee, and secondly, if a merchant abroad offers to bill you in either sterling or the local currency, you should choose the local currency (otherwise it’s their bank’s currency conversion fees that will apply and not your preferential ones).
All in all, the Zable card is more straightforward than most, with an easy-to-use app that will send you a notification when you’re eligible for a credit limit increase. There’s also no annual/monthly fee to worry about, plus no late payment or over-limit fees (but you should still ensure you keep up with your repayments to protect your credit record).
So, what’s not so great about the Zable credit card? If you’ve been approved for the Zable credit card, you’ll be required to set up a continuous payment authority (CPA) when you open your account to ensure that you pay at least the minimum required payment every month. With a CPA, you give a company permission to take varying payments from your debit card if and when it needs to. Most credit cards give you the option to set up a direct debit, but a few cards targeting less-than-perfect credit scores insist on a CPA – so the requirement to set up a CPA itself isn’t that unusual.
However, unless you’ve taken a deep dive into the T&Cs, you might get caught out by Zable’s interest terms. If you don’t set up a CPA to clear your full outstanding balance every month, then you may accrue interest from the date of the purchase through to the date you clear the balance, even if you do pay it off your balance in full each month. That is unusual. Most cards would waive the interest on purchases for cardholders who cleared their full balance each month however they did so – by direct debit, CPA or even ad hoc bank transfers.
It’s a bit of a technicality, and in fairness to Lendable, users can change their CPA and (the amount and/or the payment date) at any time up to the moment the payment is taken on the day that they have chosen. With any credit card, it’s wise to clear the balance in full each month (particularly if you’ll be paying an interest rate of 34.9% or higher). But the Zable card’s interest terms are fairly unheard of in the credit card industry and could be enough to put some people off if they fully appreciate this key detail.
Pros and cons
Pros
- Avoid currency conversion charges when spending abroad.
- No annual fee.
- Get notified in the app as soon as you're eligible for a credit limit increase.
Cons
- If you don't clear your balance in full each month using the CPA, you may incur interest on purchases even if you clear your balance in full each month by other means.
- Minimum annual income requirement of £9,600.
- Relatively high interest rate.
How does it compare?
Lendable's card
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Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
How to apply
If you've compared cards and settled on the Zable credit card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Repayment options
When you apply, you'll be asked to set up a continuous payment authority (this gives Lendable permission to take fixed or varying amounts on a date that doesn't have to be specified beforehand) to ensure that no repayments are missed. This is also a great way to protect your credit score, which can be severely damaged by late payments on loans or cards. You can choose from the following regular repayment options. If you can, opt to pay the full balance off each month, so you'll avoid being charged interest. You can make manual overpayments whenever you like using the app.
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
Verdict
Lendable is offering a sensible and appealing card to suit a variety of credit profiles, with stripped-back fees to boot. The Zable credit card could be a flexible option if you can’t get approved elsewhere, offering credit building services and the appeal of avoiding currency conversion charges when spending abroad, albeit with a few caveats.
As long as you set up a CPA and fully understand the T&Cs about daily accruing interest, you shouldn’t be caught out by any unexpected charges. However, if you don’t think you’ll pay off the card in full each month, this could be an expensive option.
Frequently asked questions
What credit limit will I get with the Zable credit card?
If Lendable is able to offer you this deal, the offer will specify a personalised credit limit based on Lendable's assessment of your situation. The minimum limit offered on the card is £200, while the maximum is £1,500. Once you've had the card for a while and shown Lendable that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Zable credit card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Zable credit card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 34.9%.
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You can read more about our scoring criteria on our credit card methodology page.
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